SHANGHAI, Oct. 24 (SMM) – The latest survey of 24 Chinese copper smelters conducted by Shanghai Metals Market (SMM) revealed that copper inventories at the surveyed smelters fell to 55,750 tonnes in September. The decline was due to copper smelters selling goods when copper prices were high, but also because smelters rushed to move goods to generate cash flow after importing large amounts of copper concentrate when TC was high.

Spot TC/RC of copper concentrate climbed above $90 per tonne and 9.0 cents per pound in September, but smelters stopped buying ore with TC/RC below $100 per tonne and 10.0 cents per pound in late September and early October. With sufficient on-hand stocks, smelters are now expected to reduce spot purchases. As the 2014 copper concentrate long-term contract talks near, spot TC/RC is expected to remain relatively stable.

SHANGHAI, Oct. 24 (SMM) – The latest survey of 24 Chinese copper smelters conducted by Shanghai Metals Market (SMM) revealed that copper inventories at the surveyed smelters fell to 55,750 tonnes in September. The decline was due to copper smelters selling goods when copper prices were high, but also because smelters rushed to move goods to generate cash flow after importing large amounts of copper concentrate when TC was high.

Spot TC/RC of copper concentrate climbed above $90 per tonne and 9.0 cents per pound in September, but smelters stopped buying ore with TC/RC below $100 per tonne and 10.0 cents per pound in late September and early October. With sufficient on-hand stocks, smelters are now expected to reduce spot purchases. As the 2014 copper concentrate long-term contract talks near, spot TC/RC is expected to remain relatively stable.